Jewelry

[jmk424]

Hello! I have a question about jewelry. When we were filling out all of our paperwork, my attorney asked if I had any jewelry. I said no, but after I left his office I started to wonder if my wedding ring counts. My wedding ring is worth some money and I would be sick if I had to give it up - not because of the value, but for sentimental reasons. Is it possible that the trustee could take my ring?

[cj0203]

It's possible, if it's not covered by exemptions. MOST trustees won't take wedding sets; but I know there was one person on here who had her engagement ring taken as an asset; so there are slimeballs out there. Remember when thinking of the value, they want pawn shop/garage sale value, not appraisal value. That helps most of us get into the exemption range.

Good luck.

[JollyGG]

Check your state exemptions. Some states list wedding jewlery with other jewlery. Other's list is seperately with seperate exemptions. For example in SD, where I live, our wedding jewlery was completely exempt. But I had to list any other jewlery under my wildcard (not an issue since I don't have anything of real value). I also recal another member who was able to keep her engagement ring, because it was connected to the wedding ring making it one ring. In her state evidently the wedding ring was exempt, but the engagement ring was not.

[CindyLou]

keep your wedding ring to yourself! That's where I draw the line! Take off the diamond, forget you own it and just wear your band til this is all over! (unless of course you have recently aquired it and the purchase would show up somewhere)

This is the only subject that I have a little bit of "off color" opinion on. I would never suggest hiding an assett, but I do not consider a wedding ring an assett because it would never be sold for money! Its a part of you. period. That's just my opinion.

[JRScott]

I'd mention the ring to the lawyer.

One important rule for your 341 meeting, do not wear any expensive looking jewelry. It'll make some Trustees dig.

(Also don't take kids, don't bring electronic doo dads, be dressed neatly (like going out to eat at a restaurant), be on time)

[keepmine]

I'm riding with Cindy on this as well. You lost that ring long ago!

[DivorceRuinedMe]

It was me that lost my engagement ring b/c I couldn't protect it with exemptions. I listed it with the pawn shop value that I got from 3 separate pawn shops. I didn't wear it to the 341 b/c my atty told me not to (and I don't normally wear it b/c of the line of work that I'm in). The trustee quesitoned me about it, told me to get an appraisal and then she would decide what to do with it. I was so broke at the time, I couldn't even afford that so I just gave it to her. She still has it but I may be getting it back. When she had it appraised, it turned out it wasn't worth as much as she thought it would be (only $600) so depending on how much my tax return is, which I'll find out tomorrow, she may just change me back to NO ASSET and I get the ring and the tax return. I'm trying to keep my refund next to nothing!

[millerc507]

I'm with Cindy. My husband and I didn't mention our rings and we don't wear them much b/c of the work we do so we didn't have those white marks on our ring finger. I also took my one pair of nice earrings that I wear all the time out prior to the 341.

[jmk424]

Thank you all so much for your advice! I think I will just leave it at home. No worries of white lines on my ring finger since I live in Indiana and haven't seen the sun in months...